Marks and Spencer Group PLC (LSE:MKS) (Marks and Spencer Group PLC (LSE:MKS)) has cut prices across everyday essential items and its Remarksable value range in an attempt to keep customers as the cost-of-living crisis worsens.
The retailer said now is the time for further reductions with “value front of mind for everyone,” with prices benchmarked against its competitors, according to a statement.
Bread, milk and beef mince are among the items to have prices cut, as well as its own value range.
According to the Evening Standard, a sliced white loaf of bread will now cost 60p, down from 65p, and four pints of semi-skimmed milk will be priced at £1.15, rather than £1.25
Remarksable was launched in 2019 and received over £100mln of investment to “bust the myth on M&S pricing” being too expensive, but the grocer now believes it has changed customer perception on that front.
The London-listed company stressed that its Remarksable range will “retain the M&S quality point of difference,” and a reduction in prices will not come at the cost of standards.
In addition to the reductions, the company said it will be permanently introducing its family Dine In deals, which can feed up to four people.
M&S said it trialled different family Dine In options over the course of the year, but will permanently introduce the range alongside its Dine In for Two options and a new Pizza Dine In deal.
The decision comes as food prices everywhere are rising, with a recent UN Food and Agriculture Organisation study suggesting food inflation hit record highs in March.
Peel Hunt added grocery spending will make up a greater portion of people's spending, which will likely turn customers towards value options and discounters such as Aldi and Lidl.
The moves may also be viewed as reactionary, with competitors Sainsbury's reducing the prices of its own range last month and Asda pledging to make its cheaper food more widely available.